Southern Company's service area and higher rates in place at
some of our operating companies continue to have a positive effect on
our financial performance," Southern Company President Edward L.
Addison said today.

The Southern Company (NYSE: SO) is the parent firm of five electric utilities: Alabama Power, Georgia Power, Gulf Power, Mississippi Power and Savannah Electric. The Southern Company's common stock is one of the 20 most widely held corporate stocks in America.
Addison announced that earnings for the first seven months of 1992 were $566 million or $1.79 a share -- up $111 million or 35 cents a share from the first seven months of 1991.
For the 12 months ending July 31, net income totaled $988 million or $3.13 a share -- an increase of $405 million or $1.28 a share over the corresponding period a year earlier. Earnings for the 12 months ending June 30 were $3.09 a share.
Results for both the 12-month periods ending June and July were bolstered by a gain of $114 million or 36 cents a share from the settlement of a contract dispute with Gulf States Utilities. Southern Company subsidiaries finalized the settlement with Gulf States in November 1991, ending a five-year disagreement over major power sales contracts.
Addison also pointed out that net income for the 12-month period ending July 31, 1991, was reduced by an after-tax charge of $218 million -- or 69 cents a share -- taken after the Georgia Supreme Court refused to review a decision by the state public service commission disallowing a portion of the company's investment in Plant Vogtle.
Reviewing operations, Addison said electricity use by retail customers in The Southern Company's service area increased 2.5 percent during the first seven months of 1992. In-home electricity needs were up 1.3 percent to 19.6 billion kilowatthours. Electricity consumption by commercial customers -- offices, stores, and other non-manufacturing firms -- gained 2.1 percent to 17.9 billion kilowatthours. Industrial energy use increased 3.7 percent to 27.5 billion kilowatthours.
For the first seven months of 1992, total sales of electricity to customers of The Southern Company -- including sales to other utilities -- were down 1.3 percent as compared with the same period a year ago.
THE SOUTHERN COMPANY AND SUBSIDIARIES
Consolidated Condensed Income Data
(Amounts in millions)
7 mos. ended July 1992 1991 (b) Pct. chg.
Kilowatthour sales
Retail sales 65,381 63,799 2.5
Total sales 80,664 81,742 (1.3)
Operating revenues $ 4,679 $ 4,629 1.1
Income before interest
charges $ 1,066 $ 992 7.5
Consolidated net income $ 566 $ 455 24.4
Average number of shares of common
stock outstanding 316 316 ---
Earnings per share of common
stock $ 1.79 $ 1.44 24.3
12 mos. ended July 1992 (a) 1991(b)(c) Pct. chg.
Kilowatthour sales
Retail sales 112,450 110,619 1.7
Total sales 141,949 144,375 (1.7)
Operating revenues $ 8,100 $ 8,122 (0.3)
Income before interest
charges $ 1,855 $ 1,499 23.8
Consolidated net income $ 988 $ 583 69.5
Average number of shares of common
stock outstanding 316 316 ---
Earnings per share of common
stock $ 3.13 $ 1.85 69.2
(a) Income before interest charges, consolidated net income and earnings per share reflect an after-tax increase of $114 million (36 cents per share) to recognize a settlement from Gulf States Utilities Company in November 1991, and reflect a $33 million (10 cents per share) after-tax charge to income in December 1991 for Georgia Power's separation benefits costs under a voluntary work force reduction plan.
(b) Certain prior-year amounts have been reclassifed to conform to current year presentation.
(c) Twelve months ended July 1991 income before interest charges, consolidated net income and earnings per share reflect a $218 million (69 cents per share) after-tax write-off by Georgia Power.
-0- 8/20/92
/CONTACT: David Mould or Jennie Yates of The Southern Company, 404-455-1077/
(SO) CO: The Southern Company ST: Georgia IN: UTI SU: ERN

BN-BR -- AT009 -- 1731 08/20/92 13:01 EDT

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